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September, 2006 Pragati Maidan, New Delhi, India |
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Alcan Packaging Snaps Up Russian Cosmetic Tubes Facility
Alcan Packaging's global beauty division is to acquire the Tubapak cosmetic tubes manufacturing facility in Russia to increase capacity in the Central and Eastern European markets.
The 7,000sq m facility near Moscow, which includes production and warehousing space, produces plastic tubes for the Russian cosmetic and personal care market.
Alcan Packaging chief executive Ilene Gordon said the acquisition would allow the company to `develop a competitive industrial base from which to better serve our customers`.
The acquisition is subject to approval by the relevant authorities in Russia.
Alcan Packaging is also building a new €17m flexible packaging plant in the Czech Republic to supply the fast growing food market in Central Europe.
The global plant, in Novy Bydzov, will be operational in the fourth quarter of 2009 and initially employ 100 people.
Alcan Packaging is owned by mining group Rio Tinto, which has been seeking a buyer for the company since 2007.
Sealed Air, Bemis and two Indian packaging companies, Essel Propack and Ess Dee Aluminium, are thought to be interested in buying the £2.5bn packaging arm, which is being sold by investment bank Morgan Stanley.
Analysts have said this week that private equity players are more likely to buy the firm than trade buyers, but the credit crisis might make the purchase `rather difficult, even for private equity`.
Lansdowne Capital packaging specialist Tim Rothwell told Packaging News: `Morgan Stanley might not be successful. If there are not enough interested parties, that's it.`
Alcan Packaging might then have to be broken up and sold off in divisions to effect a final sale.
Date: 17-Jul-2008
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